Setting Up & Updating Prices
Accessing the Price List
Locate the Price List: From the main dashboard of the TFX Biz-Flow Sell Module, find and click on the 'Price List' tab on the sidebar.
View Current Pricing: Upon entry, you will be presented with a list of your products or services, along with their current prices, discounts, and other relevant details.
Setting Up and Updating Prices
Initial Price Setup: When new products are added to the Product Master File, their selling prices are also established during the product creation process.
Designated Authority: To ensure pricing integrity, only authorized personnel should have the ability to adjust prices. Assign this role within the User Permission Module.
Price Updates: To modify a product's selling price:
Click on the "Update Price/Cost" button next to the relevant product.
Enter the new price in the designated field.
Submit the update for review and approval by the designated authority.
Updating Unit Costs
Review Unit Costs: Within the Price List, each product's unit cost is also displayed, critical for understanding profit margins.
Trading Companies: For businesses that purchase traded products, the application will automatically update the product costs based on the latest purchase data.
Manufacturing Companies: If you are manufacturing products, update the unit cost manually to reflect production costs accurately.
Submitting and Approving Changes
Submit Changes: After entering the new price or cost, submit the data for approval to ensure that all changes are reviewed and verified.
Approval Process: Once the update is approved, the new pricing will automatically be updated across the Product and Inventory Modules.
Best Practices
Regular Review: Conduct regular reviews of your pricing to stay competitive and profitable.
Market Analysis: Align your pricing strategy with market research and customer feedback.
Transparent Communication: Notify your customers of any price changes, especially if you have long-standing contracts or agreements.
Efficient Price List management is essential for maintaining the financial health of your business. By following these steps within the TFX Biz-Flow Sell Module, you can ensure that your pricing strategies are both competitive and profitable, adapting swiftly to the changing dynamics of the marketplace.
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